Streaming has become the preferred way of listening to music.
It's an $11 billion industry, making up 47% of global music industry revenues, according to IFPI's Global Music Report. Spotify has become the clear winner globally in terms of paid subscribers. Taking on behemoths like Apple, Amazon and Google, Spotify has dominated the global streaming music industry with about 130 million premium subscribers worldwide.
Spotify has been on a winning streak with the acquisition of Joe Rogan's incredibly popular podcast, along with exclusive deals with Kim Kardashian and DC Comics, all in an attempt to broaden its scope from music streaming to audio giant. The acquisition of "The Joe Rogan Experience" alone sent Spotify's stock up 8%.
But Spotify had an uphill battle, from music rights licenses to arguments with artists demanding fair payment, and in order to stay on top, Spotify will have to innovate and be creative.